How much money will george need in future to sustain payment, Financial Management

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How much money will george need in future to sustain payment

Problem

George Springer will make $8,500 monthly payments into his Canadian Retirement account. At retirement, he will receive $10,000 monthly payments for 15 years. If rates are always 6.6 % compounded monthly, in how many years can her retire? (6 marks)

i. How much money will George need in the future to sustain the $10,000 monthly payments for 15 years?
ii. In how many years can he retire?

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